Hey, Broke on Purpose Fam! We’re here with our March 2016 Debt Payoff Report. You all are usually used to me writing it up but this time, Mr. Broke on Purpose decided to get in on the action and share his thoughts below. Be sure to show him some love so I can get him to do this more often! -Melody March Madnesssssss!! From the NCAA Big Dance all the way to the Final Four this month is filled with total exhilaration and epic heartbreak. This month also marks the conclusion of the 1st quarter of the year. Add to…

View Post

My husband and I wholeheartedly attribute our success with debt repayment to having a budget. I don’t mean a budget where you just have a vague idea of where your money is going; we tried that, and it didn’t work. I mean a budget that is thoughtfully planned out and written down so that you can see it and hold yourself accountable.  In the Broke on Purpose Ebook, I give you the fundamentals needed to create a budget. However, over time I’ve realized that budgeting methods aren’t one size fits all. Methods that work for one person aren’t necessarily going to…

View Post

Emergency’s happen. They are a part of life and are often times unavoidable. How you handle your finances can be the difference between an emergency being categorized as a situation, basically something that just happened or an all-out crisis. A recent survey by Bankrate showed that Americans aren’t saving money. Most Americans (63%) may not have enough money in savings to cover an unexpected $500 car repair or a $1,000 hospital emergency room visit. Emergency Funds are an essential part of any financial plan. They are basically a readily available supply of money that can be used to handle life…

View Post

If you can you should always pay your interest on your student loans even when it’s in deferment or forbearance. Interest accrues daily and the higher your balance and the higher your interest rate the higher the amount applied to your loan every single day. Paying the interest during your grace period could save you hundreds if not thousands of dollars in the long run and greatly affect the amount your have to pay back when your loan comes due. Student Loan providers are tricky and each of them handles your payments and accrued interest differently. For instance, when you…

View Post

We could definitely tell it was a leap year as the month of February was full of nothing but ups and downs for my household. We went into the month with a positive outlook. We knew that if all went as planned we’d be paying off our first student loan on the Debt Snowball moving on to the second. I’m happy to say that in spite of everything that went on we were able to  achieve both of these goals. The 1st Student Loan which had a starting balance of $21,000 was officially paid off on February 11th. It took us 6…

View Post